Walmart is now taking steps to have access to your wallet. The world's biggest retailer and PayPal have announced a partnership which will see the two collaborating on financial services. It will include the new PayPal cash in and cash out services as well as the option for PayPal Cash MasterCard customers to access cash balance in-store at service desks.
With the recent partnership, Walmart customers can go into a store, access cash from PayPal and make purchases.
PayPal at Brick-and-Mortar stores
PayPal cash in and cash out money services, as well as the ability to pull cash from MasterCard in stores, are available at a $3 service fee for the customers.
It marks the first instance that PayPal mobile app users can take out cash from their PayPal balance in a brick and mortar store.
With roots in e-commerce, PayPal has sought ways long back to make its service available to customers visiting stores. From 2012, the company began allowing customers to make payments in selected outlets by entering phone number and PIN at the merchant's point-of-sale terminal.
PayPal also partnered with Home Depot, but since the rise of Apple Pay and other tap-to-pay solutions, its brick and mortar expansion has died out.
The online payment system in recent months has chosen to forge integrations with earlier rivals Samsung Pay, Android Pay, and other major providers like Visa and MasterCard.
In May 2018, Paypal expanded its retail store presence when it bought Swedish payments company iZettle for $2.2 billion.
In June 2018, PayPal also took steps to enter into mainstream banking when it announced its partnership with Venmo to launch a MasterCard debit card, allowing users to make in-store and online payments with their Venmo balance.
Previously it has also partnered with Facebook, Skype and Apple, to launch additional offerings for customers.
Walmart walks the same path
Walmart's partnership with PayPal can also be seen as its new strategy to reach out to customers, as the retailing giant once backed its own mobile payments platform, Current C. Though, it later abandoned those efforts and just offers Walmart Pay, which is a scan-to-pay payment service.
It is a vital collaboration for both the companies as the PayPal service is to be rolled out at every Walmart location in the US. With 90% of Americans living within 10 miles of a Walmart store, PayPal services being offered on a low fee will be beneficial for those who rely on Walmart and PayPal to help manage their money.
The PayPal cash service is available now at Walmart, while the PayPal cash out service rolls out in November at all US stores.
